How can I convert an enumeration into a List<SelectListItem>?

You can use LINQ:

Enum.GetValues(typeof(MyEnum)).Cast<MyEnum>().Select(v => new SelectListItem {
    Text = v.ToString(),
    Value = ((int)v).ToString()
}).ToList();

Since MVC 5.1, the most elegant way would be to use EnumDropDownListFor method of Html helper if you need to populate select options in your view:

@Html.EnumDropDownListFor(m => m.MyEnumProperty,new { @class="form-control"})

or GetSelectList method of EnumHelper in your controller:

var enumList = EnumHelper.GetSelectList(typeof (MyEnum));

I did this using a static method that I could reuse.

public static IEnumerable<SelectListItem> EnumToSelectList<T>()
{
    return (Enum.GetValues(typeof(T)).Cast<T>().Select(
        e => new SelectListItem() { Text = e.ToString(), Value = e.ToString() })).ToList();
}